Three recent corporate trust decisions provide insight into issues of jurisdiction, standing of indirect holders and the authority of limited direct certificateholders to direct trustees. The U.S. Supreme Court has left alone...more
A Petition for Certiorari is pending before the Supreme Court of the United States in the case of Ambac Assurance Corporation v. U.S. Bank National Association, asking the Court to consider the constitutionality of whether...more
To be an “interested person” under the Minnesota Trust Code, a party must have a property right in or claim against the assets of the trust arising out of the trust instrument itself, not merely a possibility of becoming a...more
The English courts will adopt a commercial approach to resolving contract disputes where traded instruments are involved, as shown by a recent English case involving commercial contracts of particular interest to the CLO...more
While English courts have wide powers to give guidance to trustees, they’re generally reluctant to exercise their discretionary jurisdiction to make a declaration unless there’s a real dilemma requiring their...more
English courts are willing to uphold no-action clauses, which are commonly found in transactions involving a trustee structure, and will not be easily persuaded by noteholders that such note issuance clauses can be...more
On March 14, 2018, the European Commission published its Proposal for an EU Directive containing a substantive package of measures designed to facilitate the management by banks of existing and future stocks of non-performing...more
In Part 8 proceedings in Citibank, N.A., London Branch v Oceanwood Opportunities Master Fund, the English High Court grappled with an Indenture governed by New York law and an Intercreditor Agreement (ICA) governed by English...more
In yet another case to come out of the Lehman insolvency, the English High Court had to consider Section 6(e) of the 2002 ISDA Master Agreement: Lehman Brothers Special Financing Inc. –v- National Power Corporation. The case...more